1530s, "household management," from Latin
oeconomia
(source of French
economie
, Spanish
economia
, German
Okonomie
, etc.), from Greek
oikonomia
"household management, thrift," from
oikonomos
"manager, steward," from
oikos
"house, abode, dwelling" (cognate with Latin
vicus
"district,"
vicinus
"near;" Old English
wic
"dwelling, village," from PIE root
*weik-
(1) "clan") +
nomos
"managing," from
nemein
"manage" (from PIE root
*nem-
"assign, allot; take").
The meaning "frugality, judicious use of resources" is from 1660s. The sense of "wealth and resources of a country" (short for
political economy
) is attested from 1650s, but even in the 1780s the American Founders in laying out the new republic generally used
economy
only as "frugality." So also in that sense in the Federalist, except in one place where full
political economy
is used.
Col Mason ? He had moved without success for a power to make sumptuary regulations. He had not yet lost sight of his object. After descanting on the extravagance of our manners, the excessive consumption of foreign superfluities, and the necessity of restricting it, as well with oeconomical as republican views, he moved that a Committee be appointed to report articles of Association for encouraging by the advice the influence and the example of the members of the Convention, oeconomy[,] frugality[,] and american manufactures. [Madison, Sept. 13, 1787, in Farrand, "Records of the Federal Convention;" the motion was agreed to without opposition]